Friday, October 12, 2012

Charlotte’s
office and industrial markets improved during
the third quarter compared to last year, with vacancy rates falling and rents increasing.

The QueenCity also may benefit
from the national attention it received while hosting the Democratic National
Convention in September, according to the latest report by Cushman & Wakefield / Thalhimer.

“Several large corporate relocation candidates are now rumored to
be interested in the region,” the report says. Investors also remain interested
in the city, with well-capitalized investors eyeing office properties including
LakePointe, Vanguard
Centre, ArrowPointOffice Park and Parkways’
six-building suburban office portfolio.

Investors are also interested in Charlotte’s industrial
market. Last quarter, STAG Industrial
Inc., for example, completed two acquisitions, one in Pineville and one in
Huntersville. Two large, long-vacant buildings were bought: Beacon
Partners bought the UAVBuilding in FortMill
and The Silverman Group acquired the former Lucent building at 10000 TwinLakesParkway.

Office vacancy rates dipped to 12 percent during the quarter from
13.1 percent during the same time last year. Direct asking rents rose nearly 4
percent to $18.94 per square foot a year.

The industrial
vacancy rated dipped slightly to 11.8 percent.

The area will still struggle as developers and investors wait before
making long-term decisions to see how the U.S. political landscape and
economic climate unfold during the next few months.

Tenants will also try to negotiate for good deals, including
cheaper rent and extended lease terms, but will have increasing trouble doing
so as vacancy shrinks.

On the industrial
side, the firm expects to hear or two to three new “sizable” investment sale
transactions and build-to-suit projects.
But continued softness in leasing demand and uncertainty in global
economy will keep developers cautious in moving forward, the report says.

Well there you have it, The CO playing the well founded rumor card. Take it to the bank.

These "investors" must have been impressed with the patriotic delegates booing God and Israel on the floor while the clowns were "honoring" our troops using Turkish war planes and Russian battleships..

I'm constantly AMAZED how some people can't see the positive in ANYTHING that's reported. You're the same ones that would cry and say the world is ending over being taxed from winning the lottery. Try drinking from a glass that's half full sometime. It might actually give you a better perspective on life.

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Ely Portillo

Ely Portillo

About this blog

Ely Portillo covers economic development for the Observer, writing about who's building what in a city that seems to be sprouting new apartment and office towers on every corner. He also writes about Charlotte's airport, a major hub that's also undergoing a huge growth spurt. A transplant from Maryland, he's been reporting on his adopted hometown for more than five years. If you have a tip or story idea to share, you can contact him by email or give him a call at 704-358-5041. For the latest news, follow him on Twitter @ESPortillo.